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The put minus call options volume is the daily difference between the total put volume generated by optionable stocks and the total call volume.
For each trading day, the composite calculates the difference between put and call volume of each optionable U.S. stock, and then sums these differences. The market indicator (composite) name is "_PUT CALL LINE".
The correlation between the one-bar return of the S&P 500 and the one-bar return of Put minus Call Volume line is about 0.3. This can be interpreted as indicating that, in a given day, the S&P 500 trends to move in the same direction as the put minus call line.
